ASIAN PACIFIC: Lui and Yuen Step Down as LiquidatorsCANKING INDUSTRIES: Lui and Yuen Step Down as LiquidatorsCANLUCK CORPORATION: Lui and Yuen Step Down as LiquidatorsEDUCATION TECHNOLOGY: Creditors' Proofs of Debt Due April 8FORTUNE KEY: Creditors' Proofs of Debt Due April 8

G & O LIMITED: Cheung and Suen Step Down as LiquidatorsHUNG CHUN: Cheung and Suen Step Down as LiquidatorsJASON INTERNATIONAL: Creditors' Proofs of Debt Due April 8KYT LIMITED: Cheung and Suen Step Down as LiquidatorsLUXUP HK: Creditors' Meeting Set for March 21

OPTIMA TECHNOLOGY: Creditors' Proofs of Debt Due April 26POLYFIELD DEVELOPMENT: Members' Final Meeting Set for April 9STARGO ENTERPRISES: Creditors' Proofs of Debt Due April 8STRATEGIC SOURCING: Creditors' Proofs of Debt Due April 8TAMAKI INTERNATIONAL: Lui and Yuen Step Down as Liquidators

BELL GROUP: High Court Grants Banks Leave to Appeal Case--------------------------------------------------------Australian Associated Press reports that the banks involved inBell Group, Australia's most expensive and longest-running courtcase, have won the right to take their battle to the High Court.

According to AAP, the consortium of 20 banks including Westpac andLloyd's TSB Bank had previously lost an appeal in WesternAustralia's Supreme Court against a 2008 ruling that ordered themto pay about AUD1.58 billion to the liquidators of Bell Group,once controlled by fallen tycoon Alan Bond.

The news agency recalls that the banks had agreed in 1990 toextend Bell Group's loans to allow it to restructure and remainafloat, and in exchange were given guarantees and security overBell Group's publishing assets, shares in Bell Resources and otherminor assets.

AAP notes that Bell Group was at the time on the brink ofinsolvency, and the banks were found by Justice Neville Owen to beliable as knowing recipients of the company's trust property.

But in Melbourne on Friday, March 15, the full bench of the HighCourt granted an application by the banks for special leave toappeal, according to AAP.

The report says the banks' counsel had argued the existingjudgment would likely make directors and financiers more riskaverse in the future, and that rather than trying to put in placerescue plans to support businesses, they would find it safer tomove earlier to insolvency.

A directions hearing will take place before the appeal is heard inCanberra at a later date, the report adds.

About Bell Group

Bell Group Limited, formerly known as Western Australian Worstedand Woollen Mills Limited, was delisted from the AustralianStock Exchange on August 21, 1991, because of liquidation. OnJuly 22, 2003, liquidator Tony Woodings started an action inthe WA Supreme Court against a group of 20 banks -- led byWestpac -- in relation to their conduct in taking mortgages overBell Group assets in January 1990. It was alleged the banksknew or should have known that the company could not paycreditors who were owed more than AU$800 million at the time.

MULSANNE RESOURCES: Tinkler Appears in Court for Public Grilling----------------------------------------------------------------The Sydney Morning Herald reports that embattled coal tycoonNathan Tinkler has appeared in the New South Wales Supreme Courtto face a public grilling for the first time over the state of hisfinances, as creditors seek to recover millions of dollars inunpaid debts.

According to the report, Mr. Tinkler flew in from his home inSingapore having been threatened with arrest if he failed topresent himself in the court.

SMH relates that Mr. Tinkler lost a last-minute bid to avoidquestioning over a AUD28.4 million debt to junior coal explorerBlackwood. The report notes that the Blackwood case is one of aseries of lawsuits against the former billionaire over unpaidbills and commercial disputes that have raised questions about thefuture of his main asset, a near one-fifth stake in Whitehaven,Australia's largest independent coal miner.

Robert Newlinds, the lawyer for liquidator Ferrier Hodgson, isexpected to focus initially on the share placement agreement, butquestioning could extend to Mr. Tinkler's wider business empireand personal financial position, according to the report.

SMH notes that Mr. Tinkler, who moved with his family to Singaporelast year, has paid off debts worth millions of dollars in recentmonths to stave off some creditors and avoid public scrutiny ofhis finances through the courts.

He has been selling assets, including horses from his largestable, and liquidators have seized his private jet andhelicopter, the report relays.

smh.com.au related that former billionaire Nathan Tinkler's legalbattles continue, with the ATO confirming it will seek to wind upone of his main private entities, Tinkler Group HoldingsAdministration, over unspecified debts. Two of Mr. Tinkler'scompanies, Mulsanne Resources and Patinack Farm Administration,are in liquidation and another, TGHA Aviation, is in receivership.The ATO has also filed wind-up proceedings against Queen StCapital.

SMH relates that the detail emerged as he appeared before theNew South Wales Supreme Court for a second day of questioningabout his finances and the collapse of his mining company MulsanneResources.

SMH says that under questioning from counsel for Mulsanne'sliquidators, Robert Newlinds, SC, Mr. Tinkler was asked about thevalue of shares in his main asset, Whitehaven Coal, and the totaldebts of Tinkler Group.

While he did not give an answer about the value of his Whitehavenshares, Mr. Tinkler said the total debts of Tinkler Group were"around AUD500 million," the report relays.

According to SMH, Mulsanne was put into liquidation late last yearafter failing to pay for a AUD28.4 million stake in junior coalminer Blackwood Corporation.

Mr. Tinkler told the court on he did not approach "normal banks"to raise funds for the looming AUD28.4 million debt because theydid not understand his business model.

"It's just out of the question for me to deal with normal banks,"the report quotes Mr. Tinkler as saying. "They don't understandhow I create wealth."

Mr. Tinkler previously told the court he had three propertiesworth nearly AUD20 million in total which could have been used forsecurity in the Blackwood share purchase, SMH recalls.

However Mr. Tinkler told Mr. Newlinds that he was unsure ifvaluations on the houses were ever done, the report adds.

smh.com.au related that former billionaire Nathan Tinkler's legalbattles continue, with the ATO confirming it will seek to wind upone of his main private entities, Tinkler Group HoldingsAdministration, over unspecified debts. Two of Mr. Tinkler'scompanies, Mulsanne Resources and Patinack Farm Administration,are in liquidation and another, TGHA Aviation, is in receivership.The ATO has also filed wind-up proceedings against Queen StCapital.

TRIO CAPITAL: ASIC Still Don't Have Enough Proof Vs. Founder------------------------------------------------------------Lucy Battersby at The Sydney Morning Herald reports that seniorstaff from the corporate watchdog revealed they still do not haveenough evidence to charge the man behind Trio Capital, one ofAustralia's biggest superannuation scams.

However, investigations into Trio continue, and the chair of theAustralian Securities and Investments Commission, Greg Medcraft,gave politicians a confidential briefing about Trio following aParliamentary Joint Committee on Corporations and FinancialServices hearing in Sydney, the report says.

SMH relates that ASIC also updated the committee on its work totighten regulations in the debenture sector following the collapseof Banksia Securities last year.

"Mr. Matters said on ABC radio and on YouTube that he had beenleaked a Trio Capital bank statement showing AUD74 million hadbeen lost immediately after ASIC became involved in theinvestigation. This is completely incorrect. The funds weredistributed by the administrator to a number of subsidiary Triosuper funds," the report quotes Mr. Medcraft as saying.

"ASIC officers are not in the business of leaking documents andthis is a serious smear on the men and women who work at ourorganisation. Mr. Matters should substantiate this allegation."

According to SMH, Mr. Medcraft said ASIC was still investigatingTrio with the help of the Australian Crime Commission andAustralian Federal Police. However, last year it had insufficientevidence to charge the man considered the mastermind behind Trio,Jack Flader.

"Things have not changed at this point in time," Mr. Medcraftsaid, SMH relates.

ASIC does not believe that another director, Paul Gresham(previously known as Tony Maher), who was recently questioned in aliquidator's examination, has any assets in Australia or overseasthat could be returned to shareholders, the report adds.

About Trio Capital

Trio Capital was formerly the trustee of five superannuationentities and the responsible entity for 25 managed investmentschemes, including the Astarra Strategic Fund. The AstarraStrategic Fund was a fund of hedge funds, which in December 2009had reported assets of $125 million. Investors in the AstarraStrategic Fund included several superannuation trusts managed byTrio Capital as well as self-managed superannuation funds anddirect investors.

The Astarra Strategic Fund invested in several questionableoverseas hedge funds, mostly based in the Caribbean. TheAustralian Securities & Investments Commission commenced aninvestigation into Trio Capital in October 2009 over concernsabout the legitimacy of its investments. Trio Capital was placedinto administration on Dec. 16, 2009, and on April 16, 2010, theNSW Supreme Court ordered that the Astarra Strategic Fund bewound up. Since this time the liquidator of Trio Capital hasbeen unable to recover the vast majority of the investments madeby the Astarra Strategic Fund.

Investigations into Trio Capital are continuing by both ASIC andthe Australian Prudential Regulation Authority.

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GEMDALE (ASIA): Proposed Bonds Get Moody's Ba3 Rating-----------------------------------------------------Moody's Investors Service has assigned a Ba3 senior unsecuredrating to the proposed bonds to be issued by Gemdale (Asia)Holding Limited.

Moody's has also affirmed Gemdale Corporation's Ba1 corporatefamily rating and Famous Commercial Ltd's Ba3 corporate familyrating. Famous is a wholly-owned subsidiary of Gemdale Corp.

In addition, Moody's has affirmed the Ba3 senior unsecured ratingsfor the bonds issued by Gemdale International Holding Limited andGemdale International Investment Limited.

The ratings outlook is stable.

The proposed bonds will be guaranteed by Famous and supported by aDeed of Equity Interest Purchase Undertaking and a Keepwell Deedbetween Famous, Gemdale Corp and the bond trustee.

There will also be 12 months of interest reserves in an offshoreinterest reserve account.

"On the other hand, the replacement of Famous' existing bankloans, which are ultimately guaranteed by Gemdale Corp, willslightly increase Famous' repayment risk," says Tsang, who is alsoMoody's lead analyst for Gemdale Corp and Famous.

Nevertheless, Moody's expects that the amount of new bond issuancewill be maintained at a manageable level, such that Famous'projected standalone credit metrics -- including total debt/totalassets not exceeding 60% after repayment of its existing debt, andEBITDA/interest not less than 1.5x -- will remain appropriate forits mid-B level credit profile.

Any deviation from such an expectation could pressure its ratingand/or its outlook.

Famous' Ba3 corporate family rating reflects its mid-B standalonecredit profile and a two-notch rating uplift, based on thefinancial and operational support provided by Gemdale Corp.

The mid-B standalone credit profile of Famous further reflects itssmall-scale operations: 13 projects in six Chinese cities, a landbank of about 3 million square meters in gross floor area andannual contract sales of approximately RMB3 billion.

As six projects are confined to one city, Moody's expects a highdegree of volatility in Famous' sales performance.

Famous' mid-B standalone credit profile also considers the factthat it is part of Gemdale Corp.

Gemdale Corp's Ba1 corporate family rating reflects itsestablished track record in China's property market. The companydemonstrated resilience in the 2008 and 2011 downcycles, achievingcontract sales growth of 17% in 2008, and 9% in 2011, and whichwas supported by its established brands and wide geographiccoverage of approximately 70 projects across 20 cities in China.

The rating also reflects Gemdale Corp's good access to funding aswell as flexibility in managing its funds. It is one of the fewChinese property developers that can raise unsecured loans at thecorporate level.

This ability provides it with the flexibility to invest surplusliquidity in projects according to its business plan.

In addition, Gemdale Corp has widened its funding sources byraising offshore financing through its overseas subsidiary,Famous.

Another rating driver is Gemdale Corp's strong liquidity, asevidenced by its high level of cash -- RMB18.8 billion as ofSept. 30, 2012 -- which more than covers its short-term debtobligations of RMB12.6 billion.

Gemdale Corp also exhibits a cautious approach to landacquisitions. It had a land bank of around 19 million squaremeters as of September 2012, which is small relative to most ofits Ba-rated peers. However, this land bank is sufficient toprovide development for the next five years.

Gemdale Corp also has a stable management team. Four of the sixexecutive directors on its board, including the chairman and theCEO, have been working in the company for around 20 years.

Famous' ratings could come under downward pressure if it (1) failsto implement its business plan, such that sales and operating cashflow generation are weaker than anticipated; and/or (2) materiallyaccelerates project development and rolls out an aggressive landacquisition plan, such that its debt leverage increases with totaldebt/total assets exceeding 65%, and EBITDA/interest droppingbelow 1.5x on a sustained basis.

An increase in refinancing pressure such as more than 40% of itstotal debt maturing in one year will also pressure the rating.

Additionally, any evidence of weakening support from Gemdale Corp,or a deterioration in Gemdale Corp's credit profile could also benegative for Famous' ratings.

On the other hand, upward rating pressure could emerge if Famouscan (1) successfully implement its business plan; (2) improve itsscale and diversity to reduce sales and earnings volatility; and(3) improve its credit profile.

Moody's will consider upgrading Famous should its financialprofile improve, that is, total debt/total assets falling below50% and EBITDA/interest rising above 3x on a sustained basis.

The principal methodology used in these ratings was the GlobalHomebuilding Industry Methodology published in March 2009.

Incorporated in China, Gemdale Corp is a developer in China'sresidential property sector. It was founded in 1988 and listed onthe Shanghai Stock Exchange in 2001.

Incorporated in Hong Kong in 1995, Famous Commercial Ltd is awholly-owned subsidiary of Gemdale Corp. It was initiallyestablished as a sales office in Hong Kong to sell Gemdale Corp'sproperty projects to overseas customers. It was eventuallydeveloped as an offshore holding company, housing some of GemdaleCorp's property projects in China. It also serves as a fundingvehicle in the overseas market.

SUNTECH POWER: Likely to Default and Enter Bankruptcy, Maxim Says-----------------------------------------------------------------Justin Doom at Bloomberg News reports that Suntech Power HoldingsCo., the Chinese solar-panel maker that announced a forbearanceagreement for $541 million in convertible debt due March 15, fellto a record low after Maxim Group LLP said the company is "likely"to default and enter bankruptcy.

Bloomberg says Suntech tumbled 22% to 65 cents at the close in NewYork, the lowest since it began trading in December 2005. Thebonds increased to 32 cents on the dollar.

There is "no legal way around the March 15 maturity," Aaron Chew,a Maxim analyst based in New York, wrote in a note to investors,citing the bond prospectus, Bloomberg relates.

According to the report, the company said in a statement March 11that about 60% of the bondholders had agreed to wait until May 15before exercising their rights.

Such a delay isn't allowed "without the consent of the holders ofeach outstanding note affected," according to the prospectus citedby Bloomberg. Bloomberg relates that some of the remaining 40% ofbondholders said they weren't contacted by the company about aforbearance and want to be paid on schedule.

A default would be the first for a bond issued by a company inmainland China, Bloomberg notes. Suntech, the largest solar panelmaker in 2011, has reported losses for the past two years and hadabout $2 billion of debt as of the end of August, Bloombergdiscloses citing a bondholder presentation in November filed withthe Securities and Exchange Commission.

Mr. Chew wrote that if Suntech is taken over by the local Wuxigovernment, such a bailout is "likely to be targeted only at localemployment and bank debt" and will come "at the expense of stockand bond holders," according to Bloomberg. Mr. Chew rates Suntecha sell, with a 12-month price target of $0.

Suntech is a Cayman Islands corporation with its principalexecutive offices located in Jiangsu Province, People's Republicof China. Suntech, a solar energy company, engages in the design,development, manufacture, and marketing of photovoltaic products,which are used to provide electric power for residential,commercial, industrial, and public utility applications primarilyin Germany, Italy, Spain, France, Benelux, Greece, the UnitedStates, Canada, China, the Middle East, Australia, and Japan.

SUNTECH POWER: Noteholders Sign Forbearance Agreement------------------------------------------------------Bingham McCutchen LLP and Duff & Phelps Securities, LLC representan ad hoc group of holders of the Convertible Senior Notes issuedby Suntech Power Holdings Co., Ltd. The Notes are due onMarch 15, 2013, and the Ad Hoc Group has been engaged indiscussions with Suntech and other parties for several monthsregarding the Maturity and other matters.

In order to continue those discussions, the Ad Hoc Group and othersupporting noteholders, who together hold more than 63% of theNotes, have signed a forbearance agreement with Suntech, agreeing,among other things, to forbear from exercising certain rights andremedies concerning the Maturity until May 15th. The Ad HocGroup's advisors are in regular discussion with Suntech, itsadvisors, and parties onshore in the PRC. The Ad Hoc Groupbelieves that a consensual restructuring is attainable that willmaximize recoveries for all noteholders.

"Bingham McCutchen and Duff & Phelps encourage all holders of theNotes, large and small, to contact us as indicated below todiscuss the situation," Bingham McCutchen said in a statement.

"The foregoing shall not be construed as tax, legal, business,financial, accounting or other advice, and holders of the Notesare encouraged to consult their own advisors."

Suntech is a Cayman Islands corporation with its principalexecutive offices located in Jiangsu Province, People's Republicof China. Suntech, a solar energy company, engages in the design,development, manufacture, and marketing of photovoltaic products,which are used to provide electric power for residential,commercial, industrial, and public utility applications primarilyin Germany, Italy, Spain, France, Benelux, Greece, the UnitedStates, Canada, China, the Middle East, Australia, and Japan.

EDUCATION TECHNOLOGY: Creditors' Proofs of Debt Due April 8-----------------------------------------------------------Creditors of Education Technology Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby April 8, 2013, to be included in the company's dividenddistribution.

FORTUNE KEY: Creditors' Proofs of Debt Due April 8--------------------------------------------------Creditors of Fortune Key Corporation Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby April 8, 2013, to be included in the company's dividenddistribution.

JASON INTERNATIONAL: Creditors' Proofs of Debt Due April 8----------------------------------------------------------Creditors of Jason International Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby April 8, 2013, to be included in the company's dividenddistribution.

LUXUP HK: Creditors' Meeting Set for March 21---------------------------------------------Creditors of Luxup Hong Kong Limited will hold their meeting onMarch 21, 2013, at 11:00 a.m., for the purposes provided for inSections 241, 242, 243, 244, 251, 255A and 283 of the CompaniesOrdinance.

The meeting will be held at Room 503 of The Boy's & Girls ClubsAssociation of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.

OPTIMA TECHNOLOGY: Creditors' Proofs of Debt Due April 26---------------------------------------------------------Creditors of Optima Technology (HK) Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby April 26, 2013, to be included in the company's dividenddistribution.

The company commenced wind-up proceedings on Feb. 27, 2013.

The company's liquidator is:

Lo Yau Kit Flat A, 3/F 62 Broadway, Mei Foo Sun Chuen Kowloon

POLYFIELD DEVELOPMENT: Members' Final Meeting Set for April 9-------------------------------------------------------------Members of Polyfield Development Limited will hold their finalgeneral meeting on April 9, 2013, at 10:00 a.m., at Room 303 EastOcean Centre, 98 Granville Road, in Kowloon.

At the meeting, Ho Tak Sang, the company's liquidator, will give areport on the company's wind-up proceedings and property disposal.

STARGO ENTERPRISES: Creditors' Proofs of Debt Due April 8---------------------------------------------------------Creditors of Stargo Enterprises Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby April 8, 2013, to be included in the company's dividenddistribution.

STRATEGIC SOURCING: Creditors' Proofs of Debt Due April 8---------------------------------------------------------Creditors of Strategic Sourcing (International) Limited, which isin members' voluntary liquidation, are required to file theirproofs of debt by April 8, 2013, to be included in the company'sdividend distribution.

A.B RICE: ICRA Assigns 'B' Rating to INR6cr Cash Credit--------------------------------------------------------ICRA has assigned the long term rating of '[ICRA]B' for INR6.00crore* fund based limits of A.B Mills.

The assigned ratings factor in firm's weak financial profile, asreflected by low profitability, relatively high gearing and weakdebt coverage indicators. The rating also takes into account highintensity of competition in the industry and agro climatic risks,which can affect the availability of paddy in adverse conditions.ICRA however draws comfort from long experience of promoters inrice industry and stable demand outlook with rice being animportant part of the staple Indian diet.

Incorporated in the year 1998, A.B Rice Mills is a partnershipfirm engaged milling and processing of basmati and non basmatirice. The firm has its plant located in Kurukshetra, Haryana withmilling capacity of 8 tons/hour and sorting capacity of 6tons/hour.

Recent Results

The firm reported a net profit after tax of INR0.04 crore on anoperating income of INR27.93 crore in FY2012 as against net profitof INR0.04 crore on an operating income of INR12.40 crore inFY2011.

ABHIJEET TRADEIMPEX: ICRA Reaffirms 'B' Rating on INR1.7cr Loan---------------------------------------------------------------ICRA has reaffirmed the long term rating of '[ICRA]B' to theINR1.70 crore term loan facilities of Abhijeet Tradeimpex and ICRAhas also reassigned '[ICRA]B' rating on long term scale to INR5.50crore working capital borrowings as against the earlier rating of'[ICRA]A4' on the short term scale. ICRA has also reaffirmed theshort term rating of '[ICRA]A4' to the INR2.00 crore short termnon fund based facility, which is a sub limit of long term workingcapital facility.

Short Term-Non Fund Based (2.00) [ICRA]A4 reaffirmed Limits-Letter of Credit

The ratings continue to factor in ATI's weak financial profile asreflected by its very low profit margins as inherent in tradingbusiness, high working capital intensity resulting in a highlyleveraged capital structure and weak debt coverage indicators. Theratings also incorporate the high project implementation andexecution risks as evident from the current delays faced in PhaseII of the hotel project on account of delay in funding tie up. Theratings further take a note of the intense competition in tradingof ingots and TMT bars along with exposure to cyclicality in realestate sector given that 100% of the revenue is derived from salesto companies engaged in construction activity in Mumbai and Puneonly.

The ratings, however, favorably factors in the experience of theproprietor in trading business of TMT bars and ingots as well asrevenue diversification efforts undertaken in the form of hotelproject and addition of aluminium structural's to the tradingproduct portfolio. The ratings also draw comfort from the firm'slow susceptibility to price volatility risks in products traded,as the procurement is done only against confirmed orders.

Abhijeet Tradeimpex was set up as a proprietary firm in 2001 byMr. Abhijeet Patodia. The firm is mainly into trading of TMT Bars.It has a registered office at Fort, Mumbai.

Recent Results

ATI recorded a net profit of INR0.17 crore on an operating incomeof INR33.80 crore for the year ending March 31, 2012.

ARUN SPINNING: ICRA Reassigns 'B' Ratings to INR22.8cr Loans------------------------------------------------------------ICRA has revised downwards the long-term rating assigned to theINR9.20 crore term loan and INR13.60 crore fund based facilitiesof Arun Spinning Mills Private Limited to '[ICRA]D' from'[ICRA]B+' and simultaneously reassigned to '[ICRA]B'. ICRA alsohas revised the rating outstanding on the INR1.60 crore short termfund based facilities and the INR3.00 crore short term non-fundbased facilities of the company to '[ICRA]D' from '[ICRA]A4' andsimultaneously reassigned to '[ICRA]A4'.

Fund based facilities 13.60 Revised to [ICRA]D from [ICRA] B+ and simultaneously reassigned to [ICRA]B

Short term fund based 1.60 Revised to [ICRA] D from Facilities [ICRA]A4 and simultaneously reassigned to [ICRA]A4

Short term non-fund 3.00 Revised to [ICRA] D from based facilities [ICRA]A4 and simultaneously reassigned to [ICRA]A4

During the year 2011-12, the company had delayed in servicing itsdebt obligations; subsequently the delays have been regularized.

The revision in the ratings also consider the weak financialprofile of the company, characterized by sharp losses incurred bythe company on account of demand volatility in cotton and yarnprices during 2011-12, highly leveraged capital structure onaccount of large debt funded capital expenditure in the past andthe declining net worth owing to the net losses posted during2011-12. On account of stretched liquidity position, the companydelayed its debt repayment obligation during 2011-12, althoughthis has been regularized subsequently in the current year. Theratings also consider ASMPL's small scale of operations, whichrestricts financial flexibility and the intense competitionprevalent in the industry. Nevertheless, the ratings alsoconsiders the experience of the promoter in the spinning industryspanning more than a decade and favorable demand outlook forcotton yarn and stable cotton prices in the current fiscalresulting in improved financial profile of the company.

Arun Spinning Mills Private Limited was incorporated in 1997 withan initial capacity of 5,000 spindles which was graduallyincreased to the current levels of 30,240 spindles. ASMPLmanufactures carded and combed yarn of 20-80 counts. ASMPL marketsits yarn through brokers to traders and consumers located inErode, Salem, Karur, Tirupur and Mumbai, among others. ASMPL alsohas 300 stitching machines with a capacity to produce 400,000pieces per month at its facility located in Tirupur, Tamil Nadu.ASMPL is engaged in manufacturing and export of quality knittedgarments like single and double jersey, fleeced, interlock andloop knit to Europe, Canada and USA. The Company markets thefinished product through buyer houses located in Tirupur.

Recent results

According to unaudited results, the Company's profit before taxesstood at INR1.24 crore on an operating income of INR40.16 croreduring the nine months period ending December, 2012. For thefiscal, 2011-12, the company reported an operating income ofINR39.23 crore with a net loss of INR2.48 crore as against anoperating income of INR43.14 crore reporting a net profit ofINR0.35 crore for 2010-11.

ATHARVA PACKAGING: ICRA Assigns 'B+' Ratings to INR4.41cr Loans---------------------------------------------------------------ICRA has assigned '[ICRA]B+' as the long term rating outstandingfor the INR4.41 crore bank facilities of Atharva Packaging PrivateLimited. ICRA has also assigned '[ICRA]A4' as the short termrating for the INR0.85 crore bank facilities of the company. Thetotal rated limits are INR5.26 crore.

The assigned ratings take into account the extensive experience ofpromoters in printing & packaging industry, APPL's establishedrelationships with wide base of reputed customers besides thehealthy growth. The assigned ratings also take into account thatthe company's diversified client base across various sectorsincluding pharmaceuticals, lighting and education sector. Theratings, however, are constrained by APPL's weak financial profilecharacterized by high gearing and low coverage indicators. APPLhas a small scale of operations in a highly competitive industrywith low entry barriers and a fragmented structure. The Company'sability to enhance the scale of operations, improve its marginsand reduce debt levels remain key rating sensitivities.Atharva Packaging Private Limited was started in 2004 by Mr.Swadesh Sharma in Indore and is in the business of printing andpackaging. In printing, the company offers commercial printing andprinting for various stationary items including books, labels andstickers. In packaging, the company is producing Duplex Boxes, E-Flute Boxes and Corrugated Boxes. The company also providesvarious value added services such as Aqua Varnish, U. V. Coating,Hot Foil Stamping and Lamination. The company provides printingand packaging solutions to various companies spread across ninestates in India. The clients of the company include Kores India,Mankind Pharma, Panasonic India, Arya Filament, Naval Prabha andMaharashtra Seeds.

Recent Results

In 2011-12, AAPL reported an Operating Income of INR7.0 Crore,Profit before Depreciation, Interest and Tax (PBDIT) of INR1.2Crore and net profit of INR0.1 Crore.

GEM STAR: ICRA Downgrades Rating on INR115.97cr Loans to 'D'------------------------------------------------------------ICRA has revised the short term rating assigned to the INR115.97crore fund based bank limits of Gem Star Company to '[ICRA]D' from'[ICRA]A4+'. The rating revision reflects current delays in debtservicing by GSC. The company has been classified as a nonperforming asset by one of its bankers.

Gem Star Company was established in the year 1966 as a partnershipfirm to export Cut and Polished Diamonds (CPD). GSC has threemanufacturing facilities located at Ahmedabad, Navsari and Surat.The firm has its head office in Mumbai and it employs around 500skilled labourers across its facilities. Currently, the businessoperations of GSC are managed under the leadership of Mr. ShripalP. Manilal. Gem Star Company is the flagship company of the 'Houseof Manilals' group. The group also consists of Gem Star CompanyPvt. Ltd. (rated [ICRA]D) which is engaged in CPD and studdedjewellery business.

GEM STAR COMPANY: ICRA Lowers Rating on INR45cr ST Loans to 'D'---------------------------------------------------------------ICRA has revised the short term rating assigned to the INR45 crorefund based bank limits of Gem Star Company Private Limited to'[ICRA]D' from '[ICRA]A4+'. The rating revision reflects currentdelays in debt servicing by GSC.

Incorporated in the year 2000, Gem Star Company Private Limited isengaged in the business of cut and polished diamonds (CPD) andstudded jewellery. The company is a part of the 'House ofManilals' group which commenced its operations in the year 1966with the establishment of its flagship company Gem Star Company(rated [ICRA]D). The principal business of the flagship company isto export Cut and Polished Diamonds (CPD). GSCPL has twomanufacturing facilities located at SEEPZ in Andheri and SEZ inSachin, Gujarat. While the SEEPZ unit is engaged in jewellerymanufacturing, the SEZ unit manufactures CPD. Currently, thebusiness operations of GSCPL are managed under the leadership ofMr. Shripal P. Manilal.

The assigned rating takes into account the satisfactory backgroundof promoters with significant experience in the healthcareindustry. Former chairman and managing director of PlethicoPharmaceuticals Limited (rated [ICRA]D), Mr. Bhaskar Patel, whohas vast exposure of more than 45 years in the pharmaceuticalindustry, is the chairman of HOH. In addition, the managingdirector of HOH, Dr. Sanjay Desai, is a reputed oncologist atIndore with more than 15 years of experience and his wife, Dr.Shilpa Desai, the CEO and executive director of the company, hasexperience of around 12 years as DNB (Medicine). However, therating is constrained on account of delays in completion of theproject, whereby the project, which was originally scheduled forcompletion by September 2012 is now proposed to be completed byMarch 2013.

As a result of delays, the debt repayments, which were scheduledto commence in December 2012 were restructured (without changingthe overall maturity) with repayments now commencing from June2013. As hospitals typically have a stabilization period of ~1-3years, the promoters may have to lend funding support, in interim,to the company for timely servicing of debt obligations. While theproject is highly leveraged with debt to equity in the ratio of2.33:1, the project is supported by favorable debt profile with acomfortable maturity of eight years and ballooning repayments. Inaddition, the hospital is favorably located near well-developedresidential areas of Indore like Palasia and Nehru Nagar, thusproviding a good catchment area for the hospital. However, in thebackground of intense competition due to presence of variousestablished hospitals in Indore, ability to ramp up occupanciesand adequately utilize the facilities remains a key imponderable.

Further, ICRA takes note of the risks associated with the hiringand retention of skilled medical personnel and the scaling up ofoperations since this is the first hospital being set up by thecompany and the ability of the hospital to get empanelled withvarious institutions (CGHS, ESI, insurance companies etc), alsoremains to be seen. Going forward, timely commencement ofoperations, ability of the hospital to attract and retain medicaltalent and subsequently achieve the desired occupancies will bethe key operational challenges. Also, timely funding support frompromoters for completion of the project and later to support debtservicing will be the key rating sensitivities.

Hari Om Healthcare Private Limited was incorporated in 2004 and ispromoted by Mr. Bhaskar Patel, his son-in-law, Dr. Sanjay Desaiand his daughter, Dr. Shilpa Desai. The hospital is proposed tohave 170 beds and is proposed to be completed by March 2013. Thehospital will be a multi-specialty hospital with a focus onOncology, which is the key expertise of Mr. Sanjay Desai.

MAGMA METTCAST: ICRA Reaffirms 'D' Ratings on INR35.73cr Loans--------------------------------------------------------------ICRA has reaffirmed the '[ICRA]D' rating assigned to the INR28.57crore (enhanced from INR25 crore) fund Based Limits of MagmaMettcast Limited. ICRA has also reaffirmed the '[ICRA]D' ratingassigned to the INR7.16 crore (enhanced from INR1 crore) Non-FundBased Limits of MML.

The rating reaffirmation takes into account the continuing delaysin debt servicing by the company. The rating is also constraineddue to MML's limited operational track record, its low cashaccruals, its high gearing level, and modest debt coverageindicators. The rating reaffirmation also takes into accountcompetitive nature of industry; MML's limited bargaining powervis-…-vis its customers and its suppliers and its vulnerability tosteel price movement. However, the rating takes into considerationin the stabilization of MMl's operations, improvement in operatingincome and profitability of the company and addition of reputedclients in the last year. Further, ICRA continues to favorablyfactor in the long experience of the promoters in steel industryand their established relationship with reputed players in theauto ancillary industry.

Magma Mettcast Limited, incorporated in June 2006 as SwiftMettcast Limited, is involved in the business of manufacturing ofcasting parts for the automotive ancillary industry. The companyis promoted by Mr. Jagdeep Singal and his family members. MMLmanufactures aluminum High Pressure Die Casted and precisionmachined Sand Casted parts for auto ancillary industry. Thecompany markets the same in the domestic markets as well as exportmarkets. The manufacturing facilities of the company are locatedin Hambran, Ludhiana.

The company reported a net loss of INR0.67 crore on an operatingincome of INR63.17 crore in FY2012 as against net loss of INR0.09crore on an operating income of INR44.91 crore in FY2011. As perprovisional numbers, the company has reported a net profit ofINR0.50 crore on an operating income of INR54.19 crore for 9MFY2013.

The reaffirmation of rating takes into account the high client andgeographical concentration risks for RVR since its revenueslargely come from 3-4 projects which are all located in AndhraPradesh (AP). Further, the company has a limited unexecuted orderbook leading to lack of revenue visibility in the medium term. Therating is also constrained by RVR's weak coverage indicators asreflected in Total debt/OBITDA of 2.28x and OBITDA/interest andfinance charges of 2.67x as on 31st March, 2012. The firm dependson Quasi-government clients for majority of its revenues resultingin political risks. In the past, the firm has faced delays inreceiving payments from Andhra Pradesh Irrigation department. Therating is also constrained by modest scale of operations of RVRand low net worth which limit RVR's ability to bid for largerprojects. ICRA however notes that the firm has mitigated thischallenge by entering into joint venture with other players forbidding. The rating however, draws comfort from long standingexperience of more than 2 decades of promoters in the constructionindustry.

RVR was founded in 1973 by Mr. R Vidyasagar Rao as a soleproprietorship. The firm since its establishment has been carryingout various construction works like dams, canals, roads etc. Itwas converted into partnership firm in 1992. In the past, RVR hasworked on integrated rural development project (IRDP project) fromMaharashtra State Road Development Corporation (MSRDC) forconstructing roads worth INR10 crore. The firm has worked on 20 Kmroad on NH-5 near Vishakhapatnam. Its existing clients includeSiddhartha Constructions, APGENCO, Singreni Collieries and LAxmiInfrs Projects. RVR's current operations are limited to the stateof Andhra Pradesh. The operating income for RVR in FY12 stood atINR17.27 crore against which the firm reported a net profit ofINR0.75 crore.

The assigned ratings factor in the strong growth in revenues ofthe company over the last three years with the operating incomeincreasing from INR7.68 crores in FY2009 to INR21.68 crores inFY2012, the long-standing experience of the promoters in theplywood industry and the established presence of the company inHyderabad. However, the assigned ratings are constrained by lowoperating margins of the company on account of industry dynamics,high dependence on a single supplier with almost 50% of revenuecoming from it and exposure to foreign exchange fluctuations whichadd a degree of volatility to its profits.

Ranga overseas Private Limited was established in the year 2005 toimport MDF and particle Boards from South East Asian Countries,Sri Lanka and China and market the same in India. In the Year2009, the company took over the business of Ranga MarketingAssociates, a partnership firm. At present the company is anestablished distributor of various kinds of Door Skins, MDFBoards, Plywood, Particle Boards, Veneers, Embossed Boards etc.The Company is managed by Mr. Rangaiah who has thirty years ofexperience in the plywood industry.

Recent Results

In FY2012, the company reported an operating income of INR21.68crores and an operating profit of INR0.82 crores as against anoperating income of INR16.78 crores and an operating profit ofINR0.44 crores in FY2011.

The rating is constrained by the highly competitive nature of thevalve industry due to presence of numerous players, which hasimpacted the profitability and the revenues of the company.Moreover, the company's margins remain vulnerable to raw materialprice variations, since the majority of contracts are entered intoon a fixed-price basis. Furthermore, company's high dependence onexternal debt has resulted in high gearing and weak debt coverageindicators. Nevertheless, ICRA derives some comfort from healthyindustry outlook and experienced management of the firm.

Sant Valve Private Limited, incorporated in 1993, is engaged inmanufacturing of industrial valves, which find applications inpower, oil and gas, chemical, paper and other process industries.The company has its manufacturing plant located in Jalandhar,Punjab.

Recent Results

The firm reported a net profit after tax of INR0.81 crores on anoperating income of INR34.80 crores in 2011-12 as against a profitafter tax of INR0.92 crores on operating income of INR33.18 croresin 2010-11.

SCANPOINT GEOMATICS: ICRA Places 'B' Ratings on INR5.35cr Loans---------------------------------------------------------------The rating of '[ICRA]B' has been assigned to the INR5.35 crorelong term fund based facilities of Scanpoint Geomatics Limited.The rating of '[ICRA]A4' has also been assigned to the INR1.00crore short-term non-fund based facilities of SGL.

The assigned rating is constrained by SGL's small scale ofoperations, and high working capital intensity owing to delayedpayments from government institutions. The rating also takes intoaccount corporate guarantee extended to Shreejikrupa BuildconPrivate Limited which has a weak financial profile and anydevolvement of the guarantees may affect the cash flows of SGL.Further, the company has a history of debt restructuringundertaken twice in the past seven years.

The rating, however, favorably takes into account the long trackrecord of the promoter in graphic and image processing industry.The rating also takes comfort from the company's healthy operatingprofitability and moderate gearing in past three years.

SGL was incorporated in 1987 as Scanpoint Graphics Limited byMr. Rameshchandra Sojitra which was later renamed to ScanpointGeomatics Limited. Mr. Sojitra has more than 20 years ofexperience in the field of graphic designing, image processing anddata conversion services. From 1987-2007, the company was involvedin off-set printing pre-press work. From FY 2008 SGL diversifiedits business by entering into GIS (Geographic Information System)software development business in collaboration with ISRO anddeveloped indigenous software IGiS. The Company is also accreditedby various prestigious agencies for GIS-IT applications andServices such as National Remote Sensing Center (NRSC), IndianSpace Research Organization (ISRO) and Gujarat InformaticsLimited.

Recent Results

For the year ended March 31, 2012, SGL has reported operatingincome of INR9.33 crore and profit after tax (PAT) of INR2.09crore as against operating income of INR8.98 crore and PAT ofINR2.74 crore for the year ended March 31, 2011. Further in 9MFY13 (provisional unaudited financials), company reportedoperating income of INR9.52 crore and PAT of INR1.90 crore.

SRI LAKSHMI: ICRA Assigns 'B+' Rating to INR8.43cr Loans--------------------------------------------------------ICRA has assigned long-term rating of '[ICRA]B+' to INR8.43 crorefund based limits and short term rating of '[ICRA]A4' to INR0.05crore non-fund based limits of Sri Lakshmi Venkateswara ModernRice Industries. ICRA has also assigned ratings of[ICRA]B+/[ICRA]A4 to INR1.52 crore unallocated limits of SLVMRI.

The assigned ratings are constrained by stretched financialprofile characterized by low profitability (OPM at 4.18% & NPM at0.33% in FY12) and weak coverage indicators (OPBDITA/Interest at1.56 times & NCA/Debt at 6%).The ratings are further constrainedby intensely competitive nature of the rice industry with presenceof several small-scale players which further increases thepressure on the operating margins; susceptibility to agro-climaticrisks which impact the availability of the paddy in adverseweather condition and the government policy restrictions on thequantity of rice which can be sold in the open market limit theflexibility and realizations for the firm.

The ratings however take comfort from the steady growth inoperating income; moderate gearing and the long experience of thepromoters in the rice mill business; easy availability of paddyfrom proximity of plant in major paddy cultivating region of thecountry. Further, favorable demand prospects of the industry withIndia being the second largest producer and consumer of riceinternationally.

Sri Lakshmi Venkateswara Modern Rice Industries was founded as apartnership firm in the year 2007. The firm had setup a rice millwith production capacity of 4 TPH (Tons per Hour) to produce raw &boiled rice. The unit is located at Nellore district of AndhraPradesh. The firm's operations are overseen by managing partnerMr. K. Mallikarjuna Naidu, who has more than more than 20 years ofexperience in rice milling business.

SRI SAI: ICRA Assigns 'B+' Rating to INR9.26cr Loans----------------------------------------------------ICRA has assigned long-term rating of '[ICRA]B+' to INR9.26 crorefund based limits and short term rating of '[ICRA]A4' to INR0.13crore non-fund based limits of Sri Sai Krishna Raw & Boiled RiceMill. ICRA has also assigned ratings of [ICRA]B+/[ICRA]A4 toINR0.11 crore unallocated limits of SSKRBRM.

The assigned ratings are constrained by small scale of operationsin the rice milling industry and risks inherent in a partnershipnature of the firm. The ratings are further constrained byprofitability and revenues susceptible to agro-climatic riskswhich impact the availability of the paddy in adverse weathercondition; the government policy restrictions on the quantity ofrice which can be sold in the open market limit the flexibilityand realizations for the firm. The ratings however take comfortfrom the healthy growth in operating income; moderate gearing andthe long track record of the promoters in the rice mill business;easy availability of paddy from proximity of plant in major paddycultivating region of the country. Further, favorable demandprospects of the industry with India being the second largestproducer and consumer of rice internationally augurs well for thefirm.

Sri Sai Krishna Raw & Boiled Rice Mill was founded as apartnership firm in the year 2003. The firm had setup a rice millwith production capacity of 12 tph (tons per hour) to produce raw& boiled rice. The unit is located at Nellore district of AndhraPradesh. The firm's operations are overseen by managing partnerMr. K. Venku Reddy, who has more than more than 15 years ofexperience in rice milling business.

UMA MAHESWARI: ICRA Cuts Rating on INR10cr Loans to 'C+'--------------------------------------------------------ICRA has revised the long term rating assigned to the INR10.00crore fund-based facilities of Uma Maheswari Constructions PrivateLimited to '[ICRA]C+' from '[ICRA]B+' earlier.

The revision in rating takes into account the stretched liquidityof UMC as reflected in the consistent overutilization on theworking capital limits by the company. The rating also factors inthe high market risk associated with the ongoing commercial realestate projects of UMC , reliance on customer advances to fundconstruction resulting in funding risks and high geographicalconcentration as both the ongoing projects are located inBangalore. Timely completion of the projects and timely debtservicing would directly depend on the level of bookings in bothprojects and/or the timely infusion of funds by the promoters. Therating however, draws comfort from the established track record ofUMC in the real estate segment largely within Vishakhapatnam wherethe company has been involved in development of housing projectsfor affiliates of the Andhra Pradesh Government, VUDA(Vishakhapatnam Urban Development Authority) etc.

Uma Maheswari Constructions was formed in 1978 as a proprietorshipconcern by Mr. P Kasi Viswanadha Raju. It was into construction ofbuildings mostly for affiliates of AP government. The company wasconverted into private limited in 2005 and has been doing realestate projects in Bangalore and Vishakhapatnam. In Vishakhapatnamthe company has been involved in mass housing projects, VUDA(Vishakhapatnam Urban Development Authority) residentialapartments and major corporate buildings. The company moved fromconstruction to real estate 15 years back.

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BERLIAN LAJU: Reaches Deal With Creditors; Averts Bankruptcy------------------------------------------------------------Reuters reports that PT Berlian Laju Tanker has reached a dealwith creditors to restructure its US$1.9 billion debt, avertingwhat could have been one of Indonesia's biggest bankruptcies inyears.

Once the world's third-largest chemical shipper, the group securedsupport for its restructuring plan on March 14, just four daysbefore a court-mandated deadline.

According to the news agency, Berlian Laju late Thursday confirmeda deal had been reached and said details of the restructuring planwould be announced "in due course". A Jakarta court was expectedto officially sanction the deal on March 18, Berlian Laju said ina statement.

As part of the restructuring plan, the company will have to sell anumber of its oil and chemical tankers to pay back some of itsdebt, said two lawyers representing creditors at the meeting.

PT Berlian Laju Tanker Tbk is the largest Indonesian shippingcompany, focusing on liquid bulk cargo, with operations primarilyin Asia with some expansion into the Middle East and Europe.

Indonesia-based PT Berlian Laju Tanker Tbk filed Chapter 15bankruptcy petitions in New York for subsidiaries (Bankr.S.D.N.Y. Lead Case No. 12-11007) on March 14, 2012, to preventcreditors from seizing the company's vessels when they call onU.S. ports. Cosimo Borrelli, appointed vice president forrestructuring for PT Berlian, signed the Chapter 15 petitions forChembulk New York Pte Ltd and 12 other entities.

The Berlian group operates 72 vessels, of which 50 are owned.

In January 2012, the Berlian Group violated covenants under a$685 million loan agreement. Creditors took steps to arrestcertain vessels operated by companies in the Berlian Group.

In order to prevent ship arrests and other collection efforts,the Berlian Group initiated proceedings in the High Court of theRepublic of Singapore on March 12, 2012. The Singapore courtentered orders prohibiting for three months any arrest of vesselsor collection effort.

The Berlian Group filed the Chapter 15 petitions to obtain entryof an order enjoining creditors from seizing vessels that are atport in the United States. The Debtors do not have assets in theU.S. other than the transitory basis vessels that are in the U.S.

The U.S. Bankruptcy Judge in April 2012 ruled that Indonesia isthe home to the so-called foreign main proceeding.

S&P's affirmation of the rating on the series 46 CDS reflectsS&P's review of the transaction's credit quality based onadditional information that the issuer provided on one of thereference entities in the portfolio, as well as the transaction'ssynthetic rated overcollateralization (SROC) level, which exceeded100% at the current rating as of Feb. 28, 2013. Meanwhile, S&Pkept its rating on the series 58 credit-linked loan on CreditWatchnegative because the tranche had an SROC level that was less than100% at the current rating as of the same date.

S&P intends to review the series 58 credit-linked loan by the endof this month.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying acredit rating relating to an asset-backed security as defined inthe Rule, to include a description of the representations,warranties and enforcement mechanisms available to investors and adescription of how they differ from the representations,warranties and enforcement mechanisms in issuances of similarsecurities. The Rule applies to in-scope securities initiallyrated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reportsincluded in this credit rating report are available at:

CAPITAL + MERCHANT: Former CEO Gets Extra Jail Term---------------------------------------------------Radio New Zealand reports that the former chief executive ofCapital + Merchant Finance Ltd has been given an extra prison termand two other directors have been sentenced to home detention formisleading investors.

All three pleaded guilty to charges laid by the Financial MarketsAuthority, the report notes.

According to the report, former director Colin Ryan was given asentence of seven months home detention and 300 hours of communitywork. He will pay NZ$100,000 in reparation to the company'sreceivers.

Radio NZ says another former director Robert Sutherland receivedsix months home detention and 300 hours of community work and willpay NZ$60,000 in reparation.

Former chief executive Owen Tallentire, who is already in jail onserious fraud charges, received an extra 12 months for the latestcharges, Radio NZ reports.

They relate to untrue statements made in Capital + Merchant'sprospectuses in 2007 and misleading statements made in someadvertising material, the report notes.

About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,was one of the bigger finance companies in New Zealand.

Capital + Merchant Finance, along with subsidiary Capital +Merchant Investments Ltd., went into receivership on Nov. 23,2007, due to breaches in respect of general security agreementsissued by the companies in favor of creditor Fortress CreditCorporation (Australia) 11 Pty Ltd. Fortress appointed TimDownes and Richard Simpson of Grant Thornton, charteredaccountants, while trustee Perpetual Trust have called inKordaMentha.

Capital + Merchant owed NZ$167.1 million to about 7,500investors. Fortress reportedly has a prior charge over assets andwas owed around NZ$70 million in total.

Last year, APNZ recalls, Mr. Hart was struck off the Law Society'sregister, ending his 46-year career as one of New Zealand's mosthigh-profile criminal defence lawyers.

Mr. Hart has been declared bankrupt, and lost his multimillion-dollar properties northwest of Auckland after owing $30 million tothe ANZ National Bank, the report relays.

The companies were both based at an address on State Highway 16 atWaimauku, northwest of Auckland.

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Tuesday's edition of the TCR-AP delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-AP editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The TuesdayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-AP constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-AP editor holdssome position in the issuers' public debt and equity securitiesabout which we report.

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